Genii Capital has entered a stalking horse bid to acquire photography brand Polaroid for an undisclosed amount.
Under the terms of the agreement it would acquire certain unspecified Polaroid assets including, but not limited to, all of Polaroid’s intellectual property rights and its name and brand. The deal hinges on whether or not Polaroid receives higher or better offers, the company said.
Polaroid filed for bankruptcy in December last year after its parent, Petters Group Worldwide, filed Chapter 11 amid investigations of an estimated £3 billion fraud scheme. At the time, Polaroid told the UK press that neither it nor its bosses were under investigation.
The Polaroid brand was made famous by a type of photographic imaging film, of the same name, which can be developed instantly using a Polaroid camera. It stopped making the film more than two years ago following a drop in sales amid the boom in digital photographic technology. The firm which was established more than 70 years ago now makes other photography based goods including digital cameras and digital photo frames.
In the picture
“We can combine Genii’s portfolio of companies with Polaroid’s brand strength, distribution and intellectual property to bring to market new products that link Polaroid again to its heritage in photography, instant imaging, fashion, fun and art,” Bertrand Manhe, an investment manager at Genii, said in a statement.
Zinc Imaging which manufactures photographic paper and printing technology, is a Genii portfolio company.
Genii targets value-added investment within the telecommunications, security, hosting services, alternative energies and consumer electronics market sectors.